46 The Metaverse Overview : Vision, Technology, and Tactics | Metaverse tactics for enterprises development of the digital industry and pushing the integration of the Metaverse, big data, cloud computing, blockchain, geospatial information, and quantum technology with the real economy. Hefei and Hainan bring Metaverse into future strategy Within the next five years, Hefei plans to put more effort into future industry, aiming to develop a group of pilot companies, leading-edge technologies, and high end products in areas including the Metaverse, superconducting materials, and precision medicine. In Hainan, meanwhile, the Sanya Municipal People's Government and NetEase have signed a strategic cooperation agreement in which NetEase base its Hainan headquarters in Sanya. From this new base, it will develop the NetEase Metaverse Industrial Base project to promote high-quality development of Hainan's digital culture and creative industries, and create an international digital innovation center that integrates internet technology with digital content production, copyright operations, and products. Move forward cautiously China's policies on digital currencies and digital art transactions are the main reflection of its cautious attitude towards the Metaverse China has strict supervision on digital assets. Back in 2013 and 2017, the People's Bank of China and other government departments issued notices clarifying that Bitcoin does not have the same legal status as fiat currencies and financial institutions should not use it to price products or services, or directly or indirectly provide Bitcoin-related services. The notices clarify that token issuance is essentially an unapproved, illegal public financing, with suspected illegal sales of tokens and securities, illegal fundraising, fraud, pyramid schemes, and other illicit activities. In 2021, China adopted stricter digital currency policies, with mining designated as an eliminated industry and clarification that digital currencies such as Bitcoin and Ethereum do not have the same legal rights as fiat currencies. Related financial activities and overseas digital currency exchanges providing services to residents in China have been declared illegal. In the NFT space, platforms needs to finish a very strict approval process before conducting business. This requires them to have licenses for value-added telecommunications and the dissemination of audio-visual programs via information networks, a permit for cyber culture business operations, one recordation for blockchain information services and another for artwork business record. It is difficult for enterprises to acquire all of these. Furthermore, it is difficult to operate an NFT marketplace. According to the Implementation Opinions of the General Office of the State Council on Straightening out and Rectifying Various Types of Trading Venues, standardized contract transactions cannot be conducted by centralized trading methods including call or continuous auctions, electronic matching, anonymous trading. The Opinions also prohibit acting as a market maker and other trading methods. In addition, as NFTs are considered to have financial attributes, marketplace must obtain approvals from the State Council and its financial authorities. 4.4 Metaverse tactics The Metaverse presents a huge opportunity but also major risks. Enterprises aiming to embrace the Metaverse should take the following approaches: • Active learning. The Metaverse is essentially a new technology-driven revolution in society with deep influence. To embrace this change, enterprises should understand its full scope before seeking opportunities in the Metaverse. • Gain first-mover advantage. Enterprises hoping to enter the Metaverse and provide services to companies or individuals must move fast, provide targeted solutions, and enter customers' consciousness to amplify results. The capital market, enterprises, and individuals accepted the concept of the Metaverse rapidly. Despite recent drops in market valuations of Metaverse-related companies, it gained acceptance much faster than the internet did when it emerged. This means each window of opportunity will not be open for long and first-mover advantage is key. • Treat the Metaverse as an advanced digital transformation. Businesses that want to empower themselves with Metaverse technologies and models can consider these part of their overall digital transformation and intelligent